Bank of America's Brian Moynihan is the latest CEO questioning a proposed 10% credit card interest rate cap. That cap, proposed earlier this month by President Donald Trump, would slow consumer spending and limit credit availability, Moynihan said in a Thursday (Jan. 22) interview with Bloomberg Television.
Futures point to a positive start for Wall Street stocks on Thursday morning, with a further rebound expected on the back of Donald Trump's U-turn on Greenland tariffs. Dow Jones futures were up 0.3%, S&P 500 futures rose 0.5%, and the Nasdaq was in the lead with a 0.8% gain.
U.S. President Donald Trump said on Wednesday he has had calls from credit-card companies, saying those firms should "give people a break," as the Republican leader doubled down on a proposal to cap credit-card interest rates.
Visa is a large payment processor benefiting from the shift from cash to cards. Costco is a club store benefiting from its geographic expansion and loyal customers.
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